Consequences of padding tax deductions is serious and you are gambling with the IRS. Benjamin Franklin said, “In this world, nothing can be said to be certain, except death and taxes.” With that in mind, it is best to be prepared, at least financially, for taxes and tax season each year.
Effective January 1, 2019, Christopher T. Coots, CPA, PFS™, J.D. was promoted to Partner, Scottsdale, AZ, bringing Wallace Plese + Dreher’s (WP+D) total number of partners to 13. Chris provides comprehensive tax planning and consulting services to individuals, partnerships, corporations, estates and trusts.
Deducting medical and dental expenses is complicated. Your deductions must exceed 7.5 percent of your adjusted gross income and need to fall into an IRS-approved category. Deductible medical expenses may include, but are not limited to, doctors, dentists, surgeons, chiropractors, insulin, prescription medications, acupuncture, and transportation to qualified medical care.
During the week of December 19, 2018, WP+D held its first annual Christmas and Seasonal cubicle and office decorations competition. All employees were invited to tastefully create and display a theme of their choice in our Chandler and Scottsdale offices.
Tax-saving opportunities continue for retirement planning due to availability of traditional and Roth IRAs and other retirement savings incentives. Opportunities include traditional IRAs, rollovers, and conversions.
Arizona provides two separate nonrefundable tax credits for individuals who make contributions to charitable organizations: Qualifying Charitable Organizations (QCO) and Qualifying Foster Care Charitable Organizations (QFCO). Individuals making cash donations to these charities may claim donations as tax credits up to the allowable amount on their Arizona individual tax returns. Below is a summary of the 2018 Arizona tax credits.
You have devoted a lot of time in managing and operating your agriculture business. When you no longer want to operate your business or reach a retirement stage, are you prepared?
One main requirement of the Affordable Care Act’s employer mandate is that health coverage must be affordable, based on annual standards set by the IRS. This article discusses the percentage increase for 2019.
In wake of tax reform, the IRS issued clarification allowing some business owners to bypass the new $10,000 cap on the state and local tax deduction. Now, business owners may want to consider claiming deductions for charitable contributions as ordinary, deductible business expenses.
GoFundMe is an online platform that anyone can create to raise money for a family member’s cancer treatments, college tuition, new church building, or other cause. Anyone who makes a donation can obtain an official-looking receipt for tax purposes. Are these donations eligible for a charitable deduction?
A tax audit is the fear of every taxpayer and subject of comedians, TV shows, and social media posts. If you are well-prepared, you can make it go smoothly and increase the odds of a good outcome.
What accounting issue does every business leader need to be aware of heading into 2019? A big change in lease accounting, due in January 2019, will affect every public and private Arizona company. See more from Randy G. Brammer, CPA, CCIFP, Audit Partner, and Michelle L. Flynn, CPA, Tax Partner, as featured in Az Business.